It won't be a loss making mine now with the copper price up and...

It won't be a loss making mine now with the copper price up and no debt.

However Austral will only make 10% of the profit from AntHill once the debt is repaid. So essentially if AR1 pays the debt back Glencore and Harvey get a profit stream that Austral manages and if Austral fail on the repayments they get the mine.

Austral essentially need to establish a new mine and start from ground zero because AntHill with a 10% profit taking will never amount to a company builder.

This is great for giving back capital to holders but I find it very unlikely AR1 can move on from this and prosper greatly.